INSUBCONTINENT EXCLUSIVE:
This report was compiled from agency feeds.
Rupee Nosedives to Lifetime LowThe Indian rupee nosedived to a fresh all-time low of 69.93
against the US dollar on Monday, as heavy sell-off in global currencies, including Turkish lira, fuelled demand for safe haven assets
The local currency plunged Rs 1.09 against its previous close of Rs 68.83 against dollar on Friday
This year, rupee has been among the weakest currencies amongst the Asian peers, and is down by over 7% on year-to-date basis
Euro Defensive, Swiss Francs US Dollar SurgeThe euro hovered near one-year lows against the dollar and the Swiss franc on Tuesday as the
Turkish lira wobbled, on worries economic troubles in Turkey could hit European banks and spread to other emerging economies
The South African rand ZAR=D2 also fell more than 10% at one point before paring losses
Investors are nervous the plunge in the lira could prompt capital outflows from other emerging economies
The yen slipped from highs as the dollar was helped by rises in US bond yields
The 10-year US bond yield bounced back to 2.877% from a three-week low of 2.848%.
RBI Lens on 200 Bad-Loan A/csThe Reserve Bank of India
(RBI) has been examining about 200 bad-loan accounts going as far back as 2011 as part of its annual inspection of bank books to preempt any
nasty surprises in bankruptcy court or subsequent to debt resolution, said several people with knowledge of the matter
These include the accounts of Videocon, Essar Steel, ABG Shipyard, Bhushan Steel and Monnet Ispat, reports ET.
Retail Inflation
Cools
Retail inflation in the country eased more than expected to a nine-month low in July due to a sharp decline in price increase of food
and beverages, kindling hopes that the Reserve Bank of India will stop raising interest rates
Inflation based on consumer price index (CPI) eased to 4.17% in July from 4.92% in June while food inflation more than halved to 1.37% from
exhibition prompted jewellers to replenish stocks, provisional data from metals consultancy GFMS showed
prices, which on Monday dropped to 17-month lows
In golbal markets, gold has slid to its lowest since late January 2017
Saudi Cuts Output, Oil Inches UpOil prices inched higher in early Asian trade with Brent up 15 cents at $72.76 a barrel LCc1, while United
States crude added 17 cents to $67.37 CLc1
OPEC on Monday forecast lower demand for its crude next year as rivals pumped more and said top oil exporter Saudi Arabia, eager to avoid a
return of oversupply, had cut production.
BJP Wants Simultaneous Polls in Party-ruled StatesThe BJP has made a strong pitch for simultaneous
polls to "curb expenditure", amid indications in some quarters that efforts can be made to hold the Lok Sabha election with that for 10-11
assemblies early next year by delaying elections in three BJP-ruled states and advancing the same for others scheduled for later in 2019
BJP sources, however, maintained no concrete proposal is there for deferring and advancing of state polls and the idea has not been
discussed formally within the party, as constitutional validity of any such step would need to be taken into account
Livability Index Delhi was ranked 65th on livability index among 111 major cities in the country, while it came last in the health
category, according to a survey released by the Centre yesterday
The 'Ease of Living Index', the first-ever exercise undertaken by the Union Housing and Urban Affairs Ministry, ranked the country's major
cities on the basis of four parameters -- governance, social, economic and physical infrastructure
Delhi scored 33.18 out of 100 in institutional, social, economic and physical criterion
with cheap products from overseas being routed into the country by misusing the freetrade agreement with the Association of South East Asian
The Directorate of Revenue Intelligence, or DRI, is enquiring into imports of mobile phones and other telecom and IT equipment under the FTA
route after allegations of abuse.
POLICIES MOREThe Centre has given sanction for prosecution of Usha Ananthasubramanian and Sanjiv Sharan
in the Rs 14,000 crore scam
Sources quoted by TV channels claimed that Anathasubramanian, former Allahabad Bank CEO, was removed from service yesterday.Tata Steel has
submitted a revised bid for Bhushan Power Steel on Monday evening after the Supreme Court rejected their plea to stay a directive from
higher bankruptcy court which last week allowed lenders to accept fresh bids from all applicants
reiterated claims that there was nothing irregular in its deferment of quarterly results and no overdues and defaults on its loan accounts,
Top VideoPower Sector Continues to be the Dark Horse: Sanjiv Bhasin, IIFLTop Quote'Go for a Barbell Strategy; Combine Defensives and Risky
Assets'FUNDAMENTALSLong-term Bond Yields Up: Government bonds (G-Secs) dropped on Monday on selling pressure from banks and corporates
The 7.17% 10-year benchmark bond maturing in 2028 weakened to Rs 95.6975 from Rs 96.14, while its yield edged up to 7.82% from 7.75%
The 6.68% G-Secs maturing in 2031 slid to Rs 89.43 from Rs 89.8850, while its yield rose to 8.01% from 7.93%.
Shorter-term Bond Yields Down:
The 6.84% G-Secs maturing in 2022 fell to Rs 96.40 from Rs 96.7025, while its yield eased to 7.83% from 7.74%
The 7.37% G-Secs maturing in 2023, the 7.59% G-Secs maturing in 2026 and the 8.20% G-Secs maturing in 2022 were also quoted lower to Rs
98.0925, Rs 97.5950 and Rs 101.09 respectively.
Call Rates Up: The overnight call money rates ended higher to 6.35% from last Friday's
It resumed higher at 6.50% and moved in a range of 6.50 and 6.15%.
Liquidity: The Reserve Bank of India, under the Liquidity Adjustment
Facility, sold securities worth Rs 26,024 crore in 66-bids at the 3-day reverse repo auction at a fixed rate of 6.25% as on Aug 10.
